Update – 3:13pm C.T. – Ryan Dempster’s new contract with the Cubs includes a player option for 2012 worth $14 million dollars. According to a report on ESPN.com, Dempster received a $4 million dollar signing bonus. His contract breaks out as follows: $8 million in 2009, $12.5 million in 2010 and $13.5 million in 2011. While Dempster’s new deal is being reported as 4 years and $52 million, it is technically a 3 year deal worth $38 million that includes a player option worth $14 million for a fourth year.

According to a report from Ken Rosenthal, the Cubs are close to resigning Ryan Dempster to a 4-year deal believed to be worth “slightly more than $50 million dollars.” Bruce Levine mentioned last Saturday that he believed the Cubs offer to Dempster to be 4 years and $52 million dollars.

Rosenthal stated that even if Dempster resigns with the Cubs does not mean the Cubs will be “less likely to trade for Jake Peavy, sign free agent Randy Johnson or pursue any other player.”

Rosenthal also reported the Cubs “could enter the mix” for Rafael Furcal and most importantly the Cubs new ownership group “is expected to be selected before Christmas” according to his sources.

The Sun-Times reportedthe deal for Ryan Dempster could be done by Tuesday or Wednesday and the deal for Dempster is believed to be worth $52 million. Craig Landis, Dempster’s agent, told the Sun-Times that Dempster has received interest from at least four or five other teams. Dempster rejected the Cubs first offer of 4 years and $50 million and is believed to be looking for a 5-year deal.

Rafael Furcal’s agent, Paul Kinzer, is traveling to Chicago on Tuesday according to the Sun-Times to meet with another one of his clients, Geovany Soto, and the Sun-Times stated, “It was not immediately known whether he had any meetings scheduled with Cubs officials.”